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Why Do I Need War Risks Insurance?

The standard Institute Cargo Clauses contain a Free of Capture and Seizure (FC&S) clause, which excludes war risks, strikes, riots and civil commotions, and similar risks. A specific extension must be added, subject to an additional premium, if these perils are to be insured. There are three Institute War Clauses covering cargo, air cargo, and postal shipments. War risk rates are set by the London Market War Risks Rating Committee or the American Market War/Strikes, Riots and Civil Commotions (SR&CC) Schedule. The political and social climates of a given country determine the rates. The aforementioned committees keenly monitor these forces, and update the war rates frequently as conflicts often arise suddenly.